Pension Planning and Taking Retirement Benefits

Independent Financial Advice - Independent Financial Adviser

Pension Planning - Saving for Retirement

Most people just don’t save enough to achieve the level of retirement income they need. The state system is simply insufficient to support most people's aim of a comfortable retirement. We aim to help you decide how much extra money you need to save, and where to invest it, having understood what your retirement objectives are.

Accessing Pension Benefits - Capital and Income

We are approached to help clients access tax free cash and / or to set up annuities for them. We always want to talk in detail with our clients to make sure they get the best value for money from their pension pots.

Providing an Income in Retirement

Relatively recent changes in pension legislation mean you have a wide range of options for an income in retirement, which is good news when it comes to financial planning.

If you’d prefer to receive a regular income for life after your stated retired age, then using your pension fund to purchase an annuity could be right for you. Alternatively, you could decide to keep your pension invested and take a regular income from your pot as and when you need it – this is called income drawdown.

We will help you develop the most tax-efficient option to maximise your financial security in retirement.

Pension Pot Consolidation

We regularly meet client who have a number of active and/or dormant pension plans already. We can help you make sense of these plans and determine if the funds are delivering on your expectations.

We may also be able to save you money by arranging for your pensions pots to be put into one easy-to-manage, lower cost solution.

Topping Up The State Pension

Many people do not qualify for the full state pension. However it is possible to find out how much your pension will be worth from the government website, and we can discuss whether it might be worth your while topping it up.

Hundreds of thousands of people who have stopped work before the state pension age are being urged to check whether they can top up their state pension at “heavily subsidised rates”. This will be particularly relevant to people who in the past were in pension schemes which were contracted out of part of the state pension system and who will not otherwise get a full state pension as a result.

You can check by going on the government website ‘check your state pension’. Early retirees should check their National Insurance (NI) record to see whether they have any gaps in qualifying years towards their state pension, their eligibility to pay voluntary contributions, and if not, how much it would cost for topping up their NI record. A voluntary Class 3 NI contribution can add considerably to your state pension provision.

Knowledge and Expertise

Because pensions advice is a potentially complex subject there isn't enough room to go through all the points here. Rest assured that we stay up to date with HMRC requirements and pension company solutions to our clients' needs.

Please Get In Touch

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The value of pension and investments and the income they produce can fall as well as rise. Pensions are a long term investment. You may get back less than you put in. Pensions can be and are subject to tax and regulatory change; therefore the tax treatment of pension benefits can and may change in the future.